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Symantec president and CEO replaced by company's chairman

Revenue grew by 1 percent in its first fiscal quarter

Security software vendor Symantec said Wednesday that Enrique Salem, its president and chief executive officer, had stepped down with immediate affect, after the company reported that its revenue for the quarter ended June 29 grew 1 percent year-over-year to US$1.7 billion.

Symantec said its board of directors has appointed Steve Bennett, the current chairman of the board, to also hold the posts of president and chief executive officer.

The board's decision to make a leadership change was not based on any particular event or impropriety but was instead made after ongoing consideration and a deliberative process, said Dan Schulman, Symantec's newly-appointed lead director, in a statement. Bennett however said that in his view "Symantec's assets are strong and yet the company is underperforming against the opportunity."

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